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FM

Forward Management Portfolio holdings

AUM $907M
1-Year Est. Return 0.46%
This Fund
S&P 500
This Quarter Est. Return
-9.52%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$513M
AUM Growth
-$142M
Cap. Flow
-$35.5M
Cap. Flow %
-6.91%
Top 10 Hldgs %
90.21%
Holding
54
New
7
Increased
7
Reduced
10
Closed
8

Top Buys

1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$253M
2
DIA icon
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
+$23.4M
3
STWD icon
Starwood Property Trust
STWD
+$5.77M
4
SBRA icon
Sabra Healthcare REIT
SBRA
+$4.98M
5
VRE
Veris Residential
VRE
+$4.6M

Top Sells

1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$190M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$66M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$22.5M
4
TCO
Taubman Centers Inc.
TCO
+$8.44M
5
DBRG icon
DigitalBridge
DBRG
+$7.74M

Sector Composition

1 Real Estate 11.79%
2 Consumer Discretionary 0%
3 Communication Services 0%
4 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BIL icon
1
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$345M 67.13%
3,761,595
+2,759,283
+275% +$253M
QQQ icon
2
Invesco QQQ Trust
QQQ
$466B
$42.5M 8.28%
223,191
-106,368
-32% -$22.5M
DIA icon
3
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45B
$19.3M 3.76%
+88,162
New +$23.4M
LXP.PRC icon
4
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$12.1M 2.35%
274,060
-16,000
-6% -$877K
RLJ.PRA icon
5
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$323M
$9.8M 1.91%
560,110
– –
SBRA icon
6
Sabra Healthcare REIT
SBRA
$5.08B
$8.68M 1.69%
795,000
+270,000
+51% +$4.98M
QTS.PRB
7
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$8.16M 1.59%
63,500
– –
EPR.PRE icon
8
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$6.24M 1.22%
290,110
– –
DOC icon
9
Healthpeak Properties
DOC
$15.4B
$5.88M 1.15%
246,700
– –
JCAP
10
DELISTED
Jernigan Capital, Inc.
JCAP
$5.85M 1.14%
534,000
– –
WY icon
11
Weyerhaeuser
WY
$17.6B
$5.8M 1.13%
342,117
-40,383
-11% -$1.06M
CLPR
12
Clipper Realty
CLPR
$46.9M
$5.04M 0.98%
973,885
+1,868
+0.2% +$18.5K
STAG icon
13
STAG Industrial
STAG
$8.04B
$4.73M 0.92%
210,000
– –
CLDT
14
Chatham Lodging
CLDT
$615M
$4.71M 0.92%
792,390
+21,400
+3% +$299K
EPR.PRC icon
15
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$3.93M 0.76%
248,700
– –
VRE
16
DELISTED
Veris Residential
VRE
$3.43M 0.67%
+225,100
New +$4.6M
BPY
17
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$2.9M 0.57%
359,944
-65,206
-15% -$1.06M
STWD icon
18
Starwood Property Trust
STWD
$6.34B
$2.7M 0.53%
+263,300
New +$5.77M
PFF icon
19
iShares Preferred and Income Securities ETF
PFF
$13.3B
$2.55M 0.5%
+80,100
New +$2.87M
ACR
20
ACRES Commercial Realty
ACR
$127M
$2.24M 0.44%
270,000
– –
IWB icon
21
iShares Russell 1000 ETF
IWB
$48B
$2.02M 0.39%
14,238
+10,507
+282% +$1.78M
BHR.PRB
22
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$52.7M
$1.47M 0.29%
263,868
-243,335
-48% -$3.68M
MAC icon
23
Macerich
MAC
$7.32B
$1.13M 0.22%
200,000
+37,150
+23% +$739K
ARE icon
24
Alexandria Real Estate Equities
ARE
$8.74B
$920K 0.18%
6,715
-12
-0.2% -$1.88K
EQIX icon
25
Equinix
EQIX
$99.5B
$749K 0.15%
1,200
– –
1
2 3

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Forward Management's Q1 2020 Portfolio in Review

As of Q1 2020, Forward Management held 54 positions worth $513M, down 22% from $656M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Forward Management withdrew a net $35.5M in Q1 2020, closing 8 positions and reducing 10 holdings. Its most notable exit was iShares Russell 2000 ETF, an estimated $66M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 12% of assets, down from 18% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Forward Management opened a new position in State Street SPDR Dow Jones Industrial Average ETF Trust worth $19.3M.

  • Forward Management's largest Q1 2020 buy was State Street SPDR Dow Jones Industrial Average ETF Trust: 88,162 shares worth $19.3M.
  • Forward Management added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q1 2020, an estimated $253M increase.
  • Forward Management's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $190M.
  • Forward Management fully exited iShares Russell 2000 ETF in Q1 2020, selling an estimated $66M.
  • Forward Management's ten largest holdings make up 90% of its $513M portfolio in Q1 2020.
  • Forward Management opened 7 new positions and closed 8 in Q1 2020.
  • Forward Management's portfolio value fell 22% quarter-over-quarter to $513M.

Based on Forward Management's 13F filing for Q1 2020, filed 5 May 2020.